State Street (NYSE:STT) Price Target Cut to $84.00 by Analysts at Keefe, Bruyette & Woods

State Street (NYSE:STT) had its price objective reduced by Keefe, Bruyette & Woods from $88.00 to $84.00 in a report published on Thursday, Benzinga reports. They currently have a market perform rating on the asset manager’s stock.

Several other research analysts also recently commented on the company. JPMorgan Chase & Co. lifted their price target on State Street from $79.50 to $80.50 in a research report on Friday, April 12th. UBS Group lifted their price target on State Street from $80.00 to $82.00 and gave the stock a neutral rating in a research report on Friday, April 12th. Evercore ISI boosted their price objective on State Street from $85.00 to $88.00 and gave the company an outperform rating in a research report on Thursday, April 4th. Morgan Stanley restated an equal weight rating and set a $90.00 price objective on shares of State Street in a research report on Wednesday, June 12th. Finally, Argus boosted their price objective on State Street from $84.00 to $86.00 and gave the company a buy rating in a research report on Monday, April 15th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of Hold and a consensus target price of $83.88.

State Street Stock Up 1.3 %

STT opened at $74.00 on Thursday. The business has a 50 day moving average price of $74.31 and a 200 day moving average price of $74.66. State Street has a twelve month low of $62.78 and a twelve month high of $79.90. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.61 and a current ratio of 0.61. The firm has a market cap of $22.29 billion, a P/E ratio of 13.86, a price-to-earnings-growth ratio of 1.29 and a beta of 1.47.

State Street (NYSE:STT) last posted its earnings results on Friday, April 12th. The asset manager reported $1.69 earnings per share for the quarter, topping the consensus estimate of $1.48 by $0.21. State Street had a return on equity of 12.03% and a net margin of 9.62%. The firm had revenue of $3.14 billion during the quarter, compared to analyst estimates of $3.06 billion. Research analysts forecast that State Street will post 7.94 EPS for the current year.

State Street Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, July 11th. Stockholders of record on Monday, July 1st will be paid a dividend of $0.69 per share. This represents a $2.76 annualized dividend and a dividend yield of 3.73%. The ex-dividend date of this dividend is Monday, July 1st. State Street’s dividend payout ratio (DPR) is presently 51.69%.

Hedge Funds Weigh In On State Street

Several hedge funds have recently added to or reduced their stakes in the stock. Abich Financial Wealth Management LLC lifted its stake in State Street by 51.1% in the first quarter. Abich Financial Wealth Management LLC now owns 1,452 shares of the asset manager’s stock valued at $112,000 after buying an additional 491 shares during the period. DekaBank Deutsche Girozentrale increased its holdings in shares of State Street by 4.1% in the first quarter. DekaBank Deutsche Girozentrale now owns 97,028 shares of the asset manager’s stock worth $7,355,000 after acquiring an additional 3,817 shares in the last quarter. Cetera Advisors LLC increased its holdings in shares of State Street by 546.5% in the first quarter. Cetera Advisors LLC now owns 21,018 shares of the asset manager’s stock worth $1,625,000 after acquiring an additional 17,767 shares in the last quarter. Cetera Investment Advisers increased its holdings in shares of State Street by 127.8% in the first quarter. Cetera Investment Advisers now owns 44,400 shares of the asset manager’s stock worth $3,433,000 after acquiring an additional 24,906 shares in the last quarter. Finally, Invst LLC bought a new stake in shares of State Street in the first quarter worth about $829,000. Institutional investors and hedge funds own 87.44% of the company’s stock.

About State Street

State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. The company offers investment servicing products and services, including custody, accounting, regulatory reporting, investor, and performance and analytics; middle office products, such as IBOR, transaction management, loans, cash, derivatives and collateral, record keeping, and client reporting and investment analytics; finance leasing; foreign exchange, and brokerage and other trading services; securities finance and enhanced custody products; deposit and short-term investment facilities; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.